SpiceJet scrip zooms 11 percent on back of revival plan

New Delhi, Dec 26 (IANS) The scrip of cash-strapped budget carrier SpiceJet zoomed up by 11 percent Friday as the airline’s management submitted a new revival plan to the civil aviation ministry, including the infusion of Rs.300 crore.

The company’s scrip at the Bombay Stock Exchange rose to 11.04 percent at Rs.19.60 per equity share from its previous close of Rs.17.65. The stock closed lower at the end of the day’s trade at Rs.19.25, up 9.07 percent or 1.60 point.
The company’s management along with co-founder Ajay Singh, who had earlier sold his stake in the airline in 2010 and is now interested in investing in the budget carrier to save it from shutting operations met with the ministry officials.
Ministry sources have pointed-out that the airline current can infuse Rs.300 crore it got from banks to salvage operations and that its management will meet the ministry officials again in a few days time.
The airline is also said to have paid dues of its employees and oil marketing companies (OMCs)